A multi-parcel property situated just moments away from Albuquerque’s historic Old Town has been placed on the market for the first time in over five decades, presenting a rare repositioning opportunity for prospective investors. Listed with an asking price of $875,000, the assemblage covers slightly more than one acre and has remained under the care of a single local family for more than fifty years.
The real estate offering was brought to the market in late August by Keith Bandoni, a senior vice president and principal with the commercial real estate brokerage Colliers. Formally marketed through the Commercial Association of Realtors New Mexico platform, the listing highlights the property’s significant potential for comprehensive mixed-use and residential renewal.
Geographically, the property occupies a prime position directly off Central Avenue, situated just a couple of buildings down from the Central Grill and Coffee House. The location provides easy connectivity to major local destinations, sitting approximately three minutes south of the historic Old Town Plaza and within comfortable walking distance of the nearby Albuquerque Country Club neighborhood.
While the location offers undeniable proximity to iconic city landmarks, Bandoni acknowledged that the site presents certain physical considerations. Directly across the street sits an Albuquerque Rapid Transit (ART) bus stop, an infrastructure element that the listing broker identified as a hindrance when it comes to direct vehicular street access into the property.
The decision to offer the property for sale follows a death in the local family that held ownership of the land for generations. Bandoni is currently collaborating with a designated trust company to facilitate the transaction. According to Bernalillo County Assessor documentation and public records, the acreage is held in a trust associated with Paul Marianetti, a longtime Albuquerque resident who passed away in 2021.
Throughout his life in the community, Marianetti established deep institutional and civic connections across the region. His professional career included service with both the City of Albuquerque and the University of New Mexico, alongside his work directing his family’s enterprise, Marianetti Properties. Additionally, an obituary noted that he and his wife, Patti, demonstrated philanthropic support for the local area by donating a commercial building to serve as the headquarters for the Albuquerque Foundation.
In its current configuration, the Central Avenue assemblage consists of three distinct parcels. Among these are two undeveloped lots positioned along Alahambra Avenue, complemented by an improved parcel fronting Central Avenue that contains two separate commercial spaces: an operational U.S. Postal Service branch and a vacant building that previously housed a pawn shop and jewelry store.
The diverse composition of the land has allowed the listing to tout substantial redevelopment potential. The two raw parcels along Alahambra Avenue carry residential zoning designations, whereas the primary commercial tract housing the vacant storefront and the postal facility is zoned specifically for mixed use.
Given this bifurcated zoning framework, Bandoni indicated that a unified project combining both retail storefronts and residential housing would serve as a logical and complementary fit for the neighborhood’s evolving urban fabric.
A central component of the property's financial structure is the active presence of the U.S. Postal Service office, which has operated at this location for more than fifty years. The federal agency's existing lease on the space runs through 2028, offering potential purchasers flexibility as they map out future development timelines.
According to Bandoni, an incoming investor could approach the postal facility in multiple ways. A developer might choose to incorporate the postal station into a newly designed master project, or alternatively, utilize the dependable rental income from the lease to offset holding costs while navigating the local zoning and entitlement processes required for site clearance.
Bandoni pointed out that the postal service's long-standing community tenure suggests it might prefer to remain on site, though he emphasized that any future arrangements would depend entirely on the goals of the eventual purchaser and forthcoming lease negotiations.
Since being introduced to the marketplace, the listing has generated significant interest from prospective buyers. Bandoni emphasized that the ideal candidate to take control of the acreage is a local developer possessing an in-depth understanding of the city of Albuquerque, particularly someone well-versed in navigating municipal redevelopment review and approval procedures.
Summing up the sale, Bandoni described the site as a prime piece of real estate situated within a district undergoing visible redevelopment momentum. While noting that the sale was necessitated by unfortunate family circumstances, he underscored that the transition represents a clear opening for a new owner to revitalize the historic property and deliver long-term value to the corridor.
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